Shares of General Motors Company (NYSE: GM) were trading higher by more than 1 percent. Various media outlets reported that the company opened a $1.2 billion factory in Shanghai, China.
According to The Wall Street Journal, General Motors' new factory will be used to build Cadillac-branded cars. The report added that General Motors and its Chinese partner, SAIC Motor Cop., will be able to manufacture 160,000 vehicles a year in the new facility.
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General Motors sold around 80,000 Cadillac vehicles in China throughout 2015 - giving the company an approximate 4.2 percent market share of the luxury car segment.
"We do firmly believe that there is strong potential for luxury [cars] in China," said Matt Tsien, president of GM China. The company projects China's luxury-car market will have annual sales of 3.5 million units in 2020, accounting for more than a 10 percent share of the country's overall auto market.